Britain will be worse off in every scenario, leaked Brexit report reveals

Britain will be worse off in every scenario, leaked Brexit report reveals

Even the softest Brexit option - remaining in the bloc's single market - would see growth decline by 2% over the same period, it found.

The document, which was meant to be shown confidentially to cabinet ministers this week, was leaked in what was described as an "embarrassing" development to Prime Minister Theresa May and Brexit Secretary David Davis. Ministers have reportedly only been shown the document under supervision and have not been allowed to remove the documents from the room after viewing.

But Conservative MP and leave campaigner Iain Duncan Smith told the Today programme the paper should be taken "with a pinch of salt" as nearly every single forecast on Brexit has been wrong.

"The Government must now publish their analysis in full, so that MPs and the public can see for themselves the impact that Brexit will have and judge for themselves whether it is the right thing for our country".

"But, I would observe that nearly every single forecast coming from Government, and most of the worldwide organisations, has been completely wrong".

Supporters of Brexit say that warnings of economic chaos are overblown and that Britain will eventually prosper once it leaves what they portray as a decaying, German-dominated experiment in European integration.

The forecast does not claim the economy would get smaller, but suggests it would not grow as fast as if the United Kingdom remained in the EU.

The document is said to look at the likely impact of different scenarios.

The report comes ahead of a three-day trip by Prime Minister Theresa May to China starting Wednesday, where she will meet with President Xi Jinping, business people and students in an attempt to boost trade and investment between the two nations.

The report prompted Chris Leslie, a Labour MP and supporter of the Open Britain group campaigning against a hard Brexit, to call for the public release of the document.

A government spokesperson has told the Guardian: "We have already set out that the government is undertaking a wide range of ongoing analysis in support of our European Union exit negotiations and preparations".

'An early draft of this next stage of analysis has looked at different off-the-shelf arrangements that now exist as well as other external estimates, ' the source said.

"It also contains a significant number of caveats and is hugely dependent on a wide range of assumptions which demonstrate that significantly more work needs to be carried out to make use of this analysis and draw out conclusions".

May has been at the center of a struggle for influence over the shape of Britain's future relationship with the European Union, with the prime minister's desire for a bespoke relationship that will include lucrative financial services challenged by European Union officials.

The Government's flagship Brexit bill is set to begin its passage through the House of Lords today. That may be acceptable if we have a clear idea what the end point is, ' he told 2's Newsnight.

Cabinet ministers were expected to have been briefed on the analysis this week, following Tuesday's cabinet meeting.

The Times reports senior party donors wanting her to quit.

And in comments that will fuel the internal Tory debate over Europe, Mr Rees-Mogg told Sky News that recent comments from Chancellor Hammond had been "very unhelpful" and he was "making himself a semi-detached member of the Cabinet".

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